Blockchain Identity Management Market Growth Opportunities and Forecast by 2031

The Blockchain Identity Management Market size is expected to grow from US$ 1.75 billion in 2023 to US$ 235.83 billion by 2031; it is anticipated to expand at a CAGR of 84.6% from 2023 to 2031. Identity management refers to the processes, policies, and technologies that ensure that only authorized users have access to technical resources. Many of today's digital identity management systems have drawbacks, including the possibility of data breaches, a poor user experience due to the need to maintain so many accounts, and a lack of control over user data. The benefits of blockchain identity management include speedier verification processes, lower verification costs, and improved data privacy and security. Blockchain identity management has a rising number of applications in a variety of industries and sectors, including finance, education, and the workforce.

Blockchain Identity Management Market Analysis 

The blockchain identity managementmarketforecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Blockchain technology is a key approach for preventing large-scale data breaches in the future. Blockchain technology is a peer-to-peer distributed, immutable ledger of information. Every "block" of information provides a complete and accurate record of each transaction, which cannot be changed once validated and is cryptographically secure.

Amidst the rising number of identity frauds, there is an increasing need among professionals for better technology to protect the digital identity of their consumers or employees. For instance, according to the FTC (Federal Trade Commission) report, of the 5.7 million cases submitted to the FTC, 1.4 million (25%) were specifically related to identity theft. In its reporting, the FTC distinguishes between identity theft and fraud. According to experts, these occurrences occur so often that a new victim is reported every 22 seconds. Most studies predict that this ratio will rise in 2024, making it a more pressing issue for Americans.

Blockchain technology might ultimately eliminate the need for intermediaries and give individuals complete control over their digital identities.

Blockchain Identity Management

Industry Overview

• Most Identity and Access Management (IAM) systems today rely on centralized databases, resulting in a single point of failure. This puts millions of people's personally identifiable information (PII) at great risk of being compromised. Blockchain helps to overcome this problem by decentralizing IAM and providing decentralized IDs.
• In an increasingly digitized world where online interactions and transactions are the norm, the need for safe and dependable digital identity management has never been greater. Traditional methods of identification verification and authentication are frequently centralized. This exposes individuals and businesses to the risk of data breaches and identity theft. Enter blockchain technology, a decentralized and tamper-resistant system that has the potential to revolutionize the way we maintain digital identities.

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Blockchain Identity Management Market: Strategic Insights

Blockchain Identity Management Market Driver

Technological Advances to Prevent Identity Thefts to Drive the Blockchain Identity Management Market

• Blockchain has gained popularity due to its ability to conduct secure transactions and avoid identity theft. Identity theft is a major issue, with about 60 million people falling victim in the United States alone. Imagine the worldwide magnitude of stolen identities. Many people are unaware that their identities have been stolen until they experience terrible consequences. Without sufficient safeguards to protect customer identity, online firms risk losing brand loyalty and reputation. Blockchain gives consumers more control over their personal information and a dependable method of preventing identity fraud.
• Blockchain technology offers a few benefits for securing user data and preventing criminal identities from entering the system. Blockchain is frequently used as a cybersecurity tool to combat identity theft. The level of security it provides can assist in preventing personal data from falling into the hands of undesirable actors. Blockchain's distributed ledger is a database for keeping track of digital records. Every user's personal information on the ledger is safeguarded using cryptographic keys, which are a means for encoding data in machine-readable form. It makes it difficult for hackers and cybercriminals to decrypt the keys and gain access to important credentials.

Blockchain Identity Management

Market Report Segmentation Analysis

• Based on the industry, the blockchain identity management market report is segmented into BFSI, government, healthcare, telecom and IT, retail, transport and logistics, and others. The BFSI segment is expected to hold a significant blockchain identity management market share in 2023.
• Blockchain identity services have been widely adopted by several sectors or companies in order to improve security and privacy. From healthcare's secure patient data to finance's fortified KYC, each sector has taken advantage of blockchain's promise in identity management, allowing for smooth interactions.

Blockchain Identity Management

Market Analysis by Geography

The scope of the blockchain identity management market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant Blockchain Identity Management market share. The region's significant technological development in the field of blockchain has contributed to this growth. North America is home to many developing countries like the US and Canada, driving the Blockchain Identity Management market growth.

Blockchain Identity Management

The regional trends and factors influencing the Blockchain Identity Management Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Blockchain Identity Management Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Blockchain Identity Management Market Report Scope

Blockchain Identity Management Market Players Density: Understanding Its Impact on Business Dynamics

The Blockchain Identity Management Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

The "Blockchain Identity Management Market Analysis" was carried out based on core investment strategies and geography. In terms of provider type, the market is segmented into application provider, middleware provider, and infrastructure provider. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Blockchain Identity Management market. A few recent key market developments are listed below:

• In June 2019, Accenture, in partnership with Microsoft and Avanade, developed an identity prototype based on blockchain technology – a type of database system that enables multiple parties to share access to the same data with an extremely high level of confidence and security

[Source: Accenture, Company Website]

Blockchain Identity Management

Market Report Coverage & Deliverables

The market report "Blockchain Identity Management Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.